The organisation of the human resource function and the role of professionals within the function will depend upon a number of factors such as the size of the organisation, where it is positioned within the organisation etc. In some organisations there may be no human resource management professionals employed but of course that does not absolve organisations from their responsibilities in this area. Here we identify the main issues which are important for human resource professionals and managers to be aware of and address, as appropriate, be they directly employed by an organisation or if they engage external Consultants to help them in the addressing of these issues.
Discuss the relationship between economics and management functions. How does the former contribute to the latter?
Economics and Management are ideal intellectual partners, each particularly fitted to strengthen and cross-fertilize the other. Economics provides the broader understanding of economic activity within which all organizations function; management in turn analyses the character and goals of that functioning. The management economics is often a subsection of the economic science and thus in broader sense a special form of the social, culture and Geisteswissenschaften. Like the economic science it is based in principle on the fact that most goods are limited and must by the participants be managed. It describes the economic functions of the enterprise within a national economy. In addition above all the optimal organization of the factors of production belongs apart from the company targets and the economical functions. In the broader sense also all households are enterprises.
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